SICO becomes carbon neutral after offsetting emissions

SICO becomes carbon neutral after offsetting emissions

Manama - Bahrain-based SICO has offset its carbon emissions and is now carbon neutral, reveals the regional asset manager, broker, and investment bank’s first greenhouse gas (GHG) emissions report.

Quantifying how much carbon it releases during the course of daily activities and operations, the report is a key step by SICO towards becoming more conscious of its carbon footprint in order to determine the areas that are most pressing and require more immediate attention.

According to the assessment, the total GHG emissions of SICO’s business from January 1 to December 31, 2021 were 571.962 metric tons (Mt) carbon dioxide equivalent (CO2e).

Total GHG emissions include direct emissions from controlled equipment and assets (scope 1), emissions from purchased electricity (scope 2), and selected categories that constitute indirect emissions that occur in the value chain of the bank, including business travel, employee commuting, and indirect effect of emissions of SICO staff who worked from home during part of the pandemic period (scope 3), so a comprehensive view of the carbon footprint during the full reporting period could be captured, it said.

The estimate for CO2e emissions per employee is 5.84 ton, well below Bahrain’s GHG intensity rate per capita and in line with the average per